Jester's Place:
[Jester] HI AND HAPPY SUNDAY MODS, PEEPS, LURKERS AND CRITTERS...
[RPharmer] Jester is in the HOUSE
[Jester] WHEW... I NEED MORE DAYS IN THE WEEKEND.... LOL
[oxglove] Jester it seems like it was Saturday only yesterday lol
[RPharmer] Jester POG and rum make the weekend seem longer. LOL
[Kuki] Soon all days will be weekend days
[Jester] OKAY SO WHAT IS THE DEAL TONIGHT? ANYONE GOT ANY GOOD SKUTTLEBUTT?
....
[Jester] HI AND HAPPY SUNDAY MODS, PEEPS, LURKERS AND CRITTERS...
[RPharmer] Jester is in the HOUSE
[Jester] WHEW... I NEED MORE DAYS IN THE WEEKEND.... LOL
[oxglove] Jester it seems like it was Saturday only yesterday lol
[RPharmer] Jester POG and rum make the weekend seem longer. LOL
[Kuki] Soon all days will be weekend days
[Jester] OKAY SO WHAT IS THE DEAL TONIGHT? ANYONE GOT ANY GOOD SKUTTLEBUTT?
....
[Jester] I ADMIT I WAS TOO BUSY TO SCOUR FOR INFO TODAY.... SNORT PONIED UP FOR DINNER AT RED LOBSTER WITH THE KIDS BECAUSE SHE FELT SORRY FOR ME WORKING ALL WEEKEND.... HAHAHAHAHA
[jbmeans] Jester I looked over for the news that the US has joined the AIIB to try to verify what Zap is saying, but no luck...
[RPharmer] Jester I had the same question. Has there been anything in writing that the US joined the AIIB? I have not been able to find anything.
[Jester] jbmeans THAT IS NOT OUT THERE... I HAVE HEARD ALL THAT SPECULATION... LOOKED MYSELF FOR A FEW DAYS SINCE LEW WAS THERE... NOTHING TO BE FOUND... WE TALKED ABOUT IT LAST WEEK... AND WE SPECULATED ON IT... THAT IS ALL IT IS AT THIS POINT... SPECULATION...
[RPharmer] http://ift.tt/1F5FaWz
[jbmeans] Jester what I figured, but knew you would know if it was so
[RPharmer] “I think we screwed up. We should not have gone about it this way,” said the former US secretary of state Madeleine Albright at a meeting of the Centre for Strategic and International Studies, a Washington-based think-tank. “Not just the Chinese but others have said that the United States has been too dominant in the World Bank.”
[LuCKyB] Jester if Japan has not signed with AIIB there is a 100%CHANCE that the U S has not either , could that be correct ?
[GlobalSuccess] Jester I sent you a message on Facebook, but I doubt that you have seen it. Last night you said local banks and credit unions would be okay if they were not paranoid. What would they be paranoid about?
[Jester] RPharmer WE TALKED ABOUT THAT ALL LAST WEEK... IT IS WHAT IT IS...
[Jester] GlobalSuccess I ALSO ANSWERED THAT LAST NIGHT AS I REMEMBER... CAN’T THINK OF WHO ASKED THAT SAME QUESTION.... WILL ALL DEPEND ON WHAT YOUR RELATIONSHIP IS AND HOW FAR THEY TAKE THE "REPORT ALL SUSPICIOUS ACTIVITY" MANDATE...
[GlobalSuccess] Jester OK
[diditrvyeet] Jester just a thought-wondering how life will change for the Iraqis, how long it will be before their gov wants a bigger piece of their wealth as their incomes rise
[Rogern] diditrvyeet How does there income rise
[diditrvyeet] Rogern when more business come in to Iraq
[diditrvyeet] Rogern just one way I imagine
[Jester] SOOOO.... I FEEL COMPELLED TO ANSWER THE STUFF THAT WAS COMMENTED ON FROM LAST NIGHTS POST ON RECAPS... SINCE IT IS APPARENT SOME DO NOT GET THAT I THOUGHT IT MIGHT HELP EVERYONE TO EXPLAIN.... ANYONE GOT ANY PROBLEM WITH THAT?
[LuCKyB] go for it Jester
[LdyFaith] Jester,,, no problem at all
[jbmeans] go for it Jester
[Jester] PATIENCE IF YOU PLEASE TO DROP THE FIRST COMMENT?
[Patience] 4/05/2015 10:32am IOLTAs are a short-term holding account, not a platform for long-term money management of generational wealth. While the attorney is required to maintain fiduciary responsibility, an IOLTA is NOT protected from a judicial document turnover request via ACP (attorney-client privilege). Furthermore, the client does NOT have unilateral control of the disbursement of funds (aggregate interest) for, 'worthy causes' like charitable contributions, civil defense funds, etc. In Texas, the IOLTA platform gives options for disbursement, but the client has to select platform options (can't send your money to the charity of your choice).
[Patience] Caveat Emptor, uti in capite tuo
[Patience] (LET THE BUYER BEWARE)
[Jester] THIS IS AN APPARENT ATTEMPT TO DISSUADE PEEPS FROM USING THE ACCOUNT EXACTLY AS IT WAS INTENDED...
[Jester] THE INFORMATION IS CORRECT... MY QUESTIONS IS... SO WHAT IS THE PROBLEM? YOU GET YOUR MONEY DEPOSITED THERE... THE LAWYER WORKS OUT ALL THE DETAILS OF TAKING IT OUT TO THE TRUSTS AND OTHER THINGS YOU HAVE IN MIND....
[Jester] IN THE MEANTIME IT IS IN A LAWYER/CLIENT PROTECTED ENVIRONMENT... AND NOT IN YOUR PERSONAL ACCOUNT... AND THINGS ARE DONE IN A WAY THAT ARE BENEFICIAL FOR YOU IN THE END...
[Jester] AND I DO NOT CARE IF THE FUNDS GENERATE INTEREST... AND I DO NOT CARE WHAT THEY USE THAT FOR... IT IS ME I AM WORRIED ABOUT.... AND HOW MY PRINCIPLE COMES OUT IN THE OPEN....
[Jester] AND IF YOU ARE NOT DOING ANYTHING WRONG THEN WHY WOULD YOU WORRY ABOUT ACP IN THE FIRST PLACE... JUST SAYING...
[Jester] IN THE SECOND PLACE... THE LAWYER HAS YOUR BACK ON THAT IF IT COMES UP... YOU HIRED A PROFESSIONAL TO HELP YOU AFTER ALL... YOU ARE TRYING TO DO THE RIGHT THING....
[Jester] NEXT....
[Patience] 2. SCgal 04/05/2015 1:00pm Let me expand a bit on DHA's correct response. But first - did anyone else pick up on Jester telling us to not be "worrying" about a new auto (mine is 12 yrs old and I have been waiting 6 yrs for the RV to get a new one) & for all of us not to be "worrying" (a/k/a dreaming & wishing for) a different house -but yet he says he is going to be living at the beach vs. TN mtn. just as soon as it happens! Well....that spoke volumes to me!!
[Jester] WELL THAT IS THE DEFINITION OF ASSUME IS IT NOT... I NEVER SAID I WOULD MOVE... I DO NOT INTEND TO... BUT I DO INTEND TO VISIT THE BEACH AS MUCH AS POSSIBLE... LOL
[ModelWoman] lol Jester lol
[Hoosier Girl] Me too lol
[Jester] NOW... THE INTENTION OF THE POST WAS THAT IF PEEPS WOULD WORRY ABOUT THEIR WEALTH AS MUCH AS THEY WERE WORRIED ABOUT THE THINGS THEY ARE GOING TO BUY... IT WOULD BE BETTER...
[Patience] I've worked in the financial industry since 1980 (why I know this type of info.) Attorneys must establish a separate bank account - IOLTA - for money received for their client's behalf/benefit - client's funds MUST be kept separate from the attorney's general operating account - which is his/her business funds. Jester said he is in Real Estate, so yes that would make him familiar with IOLTAs. The property buyer brings to the attorney's office their bank check to buy the property and gives it to the attorney, then the atty must pay the seller, the realtors, the appraiser, the taxes, the surveyor, etc. and then the balance is his/her fee for handling this transaction and doing the title search. The same thing happens if the attorney handles an injury lawsuit. The insurance company or defendant pays the plaintiff's attorney the settlement amount awarded and those funds go into the attorney's IOLTA. Atty. then pays the hospital, etc. for any bills the plaintiff owes, Atty. takes their fee from the amount awarded and then cuts a check to their client for the balance. ALL of these disbursements are to happen within a few weeks of funds deposited into the IOLTA. So DHA had it right - this is to be a very short-term parking place for the funds. WHAT JESTER DOES NOT SEEM TO KNOW - is that the attorney does NOT get to keep any Interest earned on the funds in the IOLTA. Banks have to forward the interest earned on this money, which really belongs to the Atty.'s clients, to the State Bar
[Patience] Association. The BAR then uses it for lawyer fees for the poor who cannot afford an attorney. The BAR hassles the banks all the time to make sure they are getting the highest possible interest on this money and can request documentation - so this
account CAN be reviewed the same as if you put the money in the bank in your own name. AND you do not get a dime of the interest - even if it is your own money. Do you want that?
[Patience] SORRY WOULD NOT FIT ALL AT ONCE
[Jester] I DO KNOW THE ATTORNEY DOES NOT GET TO KEEP THE INTEREST... IF THIS PEEP HAD READ THE ARTICLES I ATTACHED TO THE POST THEY WOULD KNOW THAT... I WILL ATTACH IT HEAR AGAIN FOR CLARITY.... http://www.iolta.org/
[Jester] Interest on Lawyers Trust Accounts (IOLTA) is a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
[dave_144] Jester So is this a way to exchange directly into the IOLTA, then move it to trusts without it ever really being considered income or capital gains for the client?
[Jester] A lawyer who receives funds that belong to a client must place those funds in a trust account separate from the lawyer's own money. Client funds are deposited in an IOLTA account when the funds cannot otherwise earn enough income for the client to be more than the cost of securing that income. The client - and not the IOLTA program - receives the interest if the funds are large enough or will be held for a long enough period of time to generate net interest that is sufficient to allocate directly to the client.
[Jester] Every state, along with the District of Columbia and the Virgin Islands, operates an IOLTA program. In 2009, the U.S. IOLTA programs generated more than $ 124.7 million nationwide. These funds, together with state and federal appropriations as well as private grants and donations, enable nonprofit legal aid providers to help low-income people with civil legal matters such as landlord/tenant issues, child custody disputes and advocacy for those with disabilities.
[Jester] SO.... YES I DO UNDERSTAND.... AS I PLAINLY PUT THE INFORMATION IN HERE FOR THAT REASON..
[Kuki] Jester Thank you
[Jester] I DO NOT CARE IF I DO NOT GET INTEREST... IN FACT I BELIEVE THE INTEREST THEY GET FROM THE MONEY GOES TO GOOD THINGS...
[Jester] Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
[Jester] WHO WOULD FUSS ABOUT IT BEING USED TO HELP THE POOR?
[Jester] THE FACT IS I WILL LIKE TO HAVE MY PRINCIPLE PROTECTED WHILE I GET LINED UP TO DO WHAT NEEDS TO BE DONE AND IN THE MEANTIME THE INTEREST GOES TO THE POOR....
[Jester] I SUCK I GUESS...
[Jester] NEXT....
[Patience] 3. STB 04/05/2015 2:19pm I agree with dha's post and further, in Texas any interest earned on an IOLTA account is sent to the Texas Bar Association directly from the bank. The attorney is not allowed "to make a bit" unless the funds are in an escrow account and the attorney has an agreement that allows him/her to charge a fee. It could be that Jester has missed the mark on this one....at least in Texas. Caveat Emptor!!!! ( BUYER BEWARE)
[Jester] Patience AGAIN.... I DO NOT CARE... HAHAHHAAH
[Jester] I AM NOT SURE WHAT THE POINT IS... BUT I IMAGINE THEY ARE WORRIED THE INTEREST DOES NOT COME TO THEM... GREED STEPS IN AND TAKES A HOLD OF A GOOD THING... IT IS WHAT IT IS....
[Jester] WE HAVE ALREADY ESTABLISHED IT IS USED FOR THE POOR... SO I DO NOT HAVE A PROBLEM WITH THAT...
[Jester] SUCKS TO BE ME I GUESS... SO MAGNANIMOUS AND ALL... HAHAHAHAH
[Jester] NEXT....
[Patience] 4. Bill Simmonds 04/05/2015 5:27pm Was interested in your comments on IOLITA, and after looking at the link, it appeared to be used for low income, short time situations. Be nice if we can use it; will ask my tax/trust attny when I get one
[Patience] LAST
[Jester] Patience AND THAT FOLKS.... IS A GOOD WAY TO LOOK AT IT...
[alfonse] Seems it sucks to be them ....
[Jester] CHECK WITH YOUR OWN LAWYER AND MAKE YOUR OWN DECISION... THAT IS WHAT THIS POST WAS ALL ABOUT... AND THIS PEEP GOT THAT...
[dave_144] Jester So is this a way to exchange directly into the IOLTA, then move it to trusts without it ever really being considered income or capital gains for the client?
[Jester] I AM GLAD THAT I GOT THROUGH TO THAT ONE PEEP AND HE IS GOING TO FIND WHAT I DID... THAT THE LAWYER CAN HELP HIM GET THE MONEY WHERE IT GOES WITHOUT GOING THROUGH A PERSONAL ACCOUNT AND GETTING THINGS MESSED UP....
[Hoosier Girl] Jester My Lawyer told me just what you said....
[LdyFaith] Jester,,, that info is helping alot of us,,,
[Jester] THIS IS PART OF THE "FIND A PROFESSIONAL AND GET SOME GOOD ADVICE INSTEAD OF LAYING AROUND THE CHAT ROOM TRYING TO GET IT THERE" SERIES... LOL
[Hannah] Jester Thank you for the further explanations. As we have been advised for a very long time ... seek the assistance of a professional. It's what they do every day
[Kuki] Jester Thank you!
[Jester] Patience THANK YOU FOR HELPING...
[Patience] Jester YW
[jojill] Jester you smoked them out haha
[Jester] HOPE THAT MAKES SENSE YOU GUYS.... YOU ARE ALWAYS ASKING ME WHAT I AM DOING.... WELL THAT IS WHAT I AM DOING.. YOU DO NOT HAVE TO... I AM NOT ADVISING ANYTHING...
[diditrvyeet] Jester that info was as important as anything out there
[LuCKyB] Jester maybe your re explanation will be added back into recaps and more than one will get a light bulb moment
[LonesomeDove] Jester Thank you so much for talking about this. It has answered a few questions I was going to ask you. No need now. You are appreciated.
[Kuki] diditrvyeet Agree
[tessamae] Jester Sounds like the perfect holding pattern until you get things in order.....always knew it would take some time to get the trust together.
[Jester] YOU CAN ALL THANK Patience FOR BRINGING THAT TO MY ATTENTION EARLIER AS I DO NOT GO TO RECAPS AND WOULD NEVER HAVE PICKED UP ON THAT....
[Jester] YAY Patience!
[happyjack] Patience Thank you again....
[LH] Patience Thank you
[dave_144] Patience thanks
[diditrvyeet] Jester ok at the risk of looking ignorant in front of everyone; if i perhaps was in a group and had my paperwork set to go to my bank account, seems sucks to be me. I guess you tried telling me in past chats.
[mentoredlife] diditrvyeet thanks for asking that question.
[Jester] diditrvyeet CHANGE THE PAPERWORK.... SHOULD BE DOABLE...
[diditrvyeet] Jester ok I like it
[Jester] FIND YOURSELF A GOOD LAWYER AND HAVE A MEETING... GET HIS COORDINATES AND MAKE IT SO....
[oucrazy] Jester. . . thanks for the clarification. . . very useful.
[Hannah] Jester diditrvyeet That's good to know
[RPharmer] Jester This is probably dumb question, but what kind of good Lawyer? A Trust Attorney?
[Jester] AND I AM SPIT BALLING HERE... BUT IF YOU DO NOT HAVE THE BUCKS... GET A STIPEND TRANSFERRED TO YOUR ACCOUNT TO COVER IT... HAVE THE REST HELD BY THE PAYMASTER... GET IT WORKED OUT... LET THE PAYMASTER KNOW YOU ARE READY....
BOOM... GOES TO YOUR LAWYER...
[Hannah] Jester Awesome
[Jester] THEN WORK OUT ALL THE DETAILS AND GET IT DONE....
[LdyFaith] Jester,,, wow,,, thank you
[Jester] RPharmer I HAVE A LAWYER THAT IS VERSED IN TRUSTS, CORPORATIONS, ACCOUNTING, AND OFFSHORE ENTITIES... JUST SAYING...
[RPharmer] Jester Thank
[RPharmer] Jester Sorry, THANKS
[MarySunshine] Jester Thank you for this info! I just got my paperwork changed last week....
[diditrvyeet] Jester now i feel like i am able to do as you say, be part of the 20%,
[diditrvyeet] Jester thanks for all these little pieces that make all the difference
[hoot2602] Jester Before the evening ends, just wanted to say thanks for bringing the excitement to the room this weekend. Its nice to see you psyched up, too!
[Jester] diditrvyeet YOU ARE WELCOME.... I AM TRYING TO HELP YOU ALL... I CAN ONLY TELL YOU WHAT I HAVE DONE WITH MY EXPERIENCE... BUT I HOPE THAT HELPS...
[Jester] hoot2602 WEEKEND IS NOT QUITE OVER... AND WE DID NOT RECEIVE ANY NEWS TODAY FROM THE SANDBOX... BUT YESTERDAY THEY WERE CERTAINLY THINKING THINGS WERE GOING THE RIGHT DIRECTION... WE WILL SEE I SUPPOSE...
[Jester] JUST ABOUT WAKING UP TIME OVER THERE... LET'S HOPE IT IS A BRIGHT NEW DAY WHEN THEY SEE IT...
[hoot2602] Jester Amen!
[LdyFaith] Jester Amen
[Sandhaul] Jester any problems using out of state lawyers for trusts and stuff?
[Hoosier Girl] They sure deserve it
[Jester] Sandhaul DO NOT KNOW WHY THAT WOULD MAKE ANY DIFFERENCE IF IT IS A LAWYER YOU KNOW AND TRUST...
[Sandhaul] Jester thanks
[Jester] PERSONALLY I WOULD TRY TO FIND SOMEONE LOCAL THAT I COULD BE-BOP INTO THE OFFICE AND GET TREATED GREAT.... HAHAHAHHA
[LuCKyB] and their currency is at least 7.50 to the USD when they awake oh happy day for them it would be indeed
[diditrvyeet] Jester I remember karat bars is a source for gold in the card format-is that a source for coins as well
[Jester] diditrvyeet NOT TO THE BEST OF MY KNOWLEDGE...
[Jester] YOU LIKE TO DO THAT SORT OF THING THEN CHECK SILVER DOCTORS AND GO FROM THERE...
[diditrvyeet] Jester ok---always saying thanks lol
[Jester] MAKE SOME CONTACTS WITH PEEPS YOU KNOW... I AM TOYING WITH THAT OPTION RIGHT NOW... LET ME SEE IF I CAN WORK SOMETHING UP....
[jbmeans] Jester I looked over for the news that the US has joined the AIIB to try to verify what Zap is saying, but no luck...
[RPharmer] Jester I had the same question. Has there been anything in writing that the US joined the AIIB? I have not been able to find anything.
[Jester] jbmeans THAT IS NOT OUT THERE... I HAVE HEARD ALL THAT SPECULATION... LOOKED MYSELF FOR A FEW DAYS SINCE LEW WAS THERE... NOTHING TO BE FOUND... WE TALKED ABOUT IT LAST WEEK... AND WE SPECULATED ON IT... THAT IS ALL IT IS AT THIS POINT... SPECULATION...
[RPharmer] http://ift.tt/1F5FaWz
[jbmeans] Jester what I figured, but knew you would know if it was so
[RPharmer] “I think we screwed up. We should not have gone about it this way,” said the former US secretary of state Madeleine Albright at a meeting of the Centre for Strategic and International Studies, a Washington-based think-tank. “Not just the Chinese but others have said that the United States has been too dominant in the World Bank.”
[LuCKyB] Jester if Japan has not signed with AIIB there is a 100%CHANCE that the U S has not either , could that be correct ?
[GlobalSuccess] Jester I sent you a message on Facebook, but I doubt that you have seen it. Last night you said local banks and credit unions would be okay if they were not paranoid. What would they be paranoid about?
[Jester] RPharmer WE TALKED ABOUT THAT ALL LAST WEEK... IT IS WHAT IT IS...
[Jester] GlobalSuccess I ALSO ANSWERED THAT LAST NIGHT AS I REMEMBER... CAN’T THINK OF WHO ASKED THAT SAME QUESTION.... WILL ALL DEPEND ON WHAT YOUR RELATIONSHIP IS AND HOW FAR THEY TAKE THE "REPORT ALL SUSPICIOUS ACTIVITY" MANDATE...
[GlobalSuccess] Jester OK
[diditrvyeet] Jester just a thought-wondering how life will change for the Iraqis, how long it will be before their gov wants a bigger piece of their wealth as their incomes rise
[Rogern] diditrvyeet How does there income rise
[diditrvyeet] Rogern when more business come in to Iraq
[diditrvyeet] Rogern just one way I imagine
[Jester] SOOOO.... I FEEL COMPELLED TO ANSWER THE STUFF THAT WAS COMMENTED ON FROM LAST NIGHTS POST ON RECAPS... SINCE IT IS APPARENT SOME DO NOT GET THAT I THOUGHT IT MIGHT HELP EVERYONE TO EXPLAIN.... ANYONE GOT ANY PROBLEM WITH THAT?
[LuCKyB] go for it Jester
[LdyFaith] Jester,,, no problem at all
[jbmeans] go for it Jester
[Jester] PATIENCE IF YOU PLEASE TO DROP THE FIRST COMMENT?
[Patience] 4/05/2015 10:32am IOLTAs are a short-term holding account, not a platform for long-term money management of generational wealth. While the attorney is required to maintain fiduciary responsibility, an IOLTA is NOT protected from a judicial document turnover request via ACP (attorney-client privilege). Furthermore, the client does NOT have unilateral control of the disbursement of funds (aggregate interest) for, 'worthy causes' like charitable contributions, civil defense funds, etc. In Texas, the IOLTA platform gives options for disbursement, but the client has to select platform options (can't send your money to the charity of your choice).
[Patience] Caveat Emptor, uti in capite tuo
[Patience] (LET THE BUYER BEWARE)
[Jester] THIS IS AN APPARENT ATTEMPT TO DISSUADE PEEPS FROM USING THE ACCOUNT EXACTLY AS IT WAS INTENDED...
[Jester] THE INFORMATION IS CORRECT... MY QUESTIONS IS... SO WHAT IS THE PROBLEM? YOU GET YOUR MONEY DEPOSITED THERE... THE LAWYER WORKS OUT ALL THE DETAILS OF TAKING IT OUT TO THE TRUSTS AND OTHER THINGS YOU HAVE IN MIND....
[Jester] IN THE MEANTIME IT IS IN A LAWYER/CLIENT PROTECTED ENVIRONMENT... AND NOT IN YOUR PERSONAL ACCOUNT... AND THINGS ARE DONE IN A WAY THAT ARE BENEFICIAL FOR YOU IN THE END...
[Jester] AND I DO NOT CARE IF THE FUNDS GENERATE INTEREST... AND I DO NOT CARE WHAT THEY USE THAT FOR... IT IS ME I AM WORRIED ABOUT.... AND HOW MY PRINCIPLE COMES OUT IN THE OPEN....
[Jester] AND IF YOU ARE NOT DOING ANYTHING WRONG THEN WHY WOULD YOU WORRY ABOUT ACP IN THE FIRST PLACE... JUST SAYING...
[Jester] IN THE SECOND PLACE... THE LAWYER HAS YOUR BACK ON THAT IF IT COMES UP... YOU HIRED A PROFESSIONAL TO HELP YOU AFTER ALL... YOU ARE TRYING TO DO THE RIGHT THING....
[Jester] NEXT....
[Patience] 2. SCgal 04/05/2015 1:00pm Let me expand a bit on DHA's correct response. But first - did anyone else pick up on Jester telling us to not be "worrying" about a new auto (mine is 12 yrs old and I have been waiting 6 yrs for the RV to get a new one) & for all of us not to be "worrying" (a/k/a dreaming & wishing for) a different house -but yet he says he is going to be living at the beach vs. TN mtn. just as soon as it happens! Well....that spoke volumes to me!!
[Jester] WELL THAT IS THE DEFINITION OF ASSUME IS IT NOT... I NEVER SAID I WOULD MOVE... I DO NOT INTEND TO... BUT I DO INTEND TO VISIT THE BEACH AS MUCH AS POSSIBLE... LOL
[ModelWoman] lol Jester lol
[Hoosier Girl] Me too lol
[Jester] NOW... THE INTENTION OF THE POST WAS THAT IF PEEPS WOULD WORRY ABOUT THEIR WEALTH AS MUCH AS THEY WERE WORRIED ABOUT THE THINGS THEY ARE GOING TO BUY... IT WOULD BE BETTER...
[Patience] I've worked in the financial industry since 1980 (why I know this type of info.) Attorneys must establish a separate bank account - IOLTA - for money received for their client's behalf/benefit - client's funds MUST be kept separate from the attorney's general operating account - which is his/her business funds. Jester said he is in Real Estate, so yes that would make him familiar with IOLTAs. The property buyer brings to the attorney's office their bank check to buy the property and gives it to the attorney, then the atty must pay the seller, the realtors, the appraiser, the taxes, the surveyor, etc. and then the balance is his/her fee for handling this transaction and doing the title search. The same thing happens if the attorney handles an injury lawsuit. The insurance company or defendant pays the plaintiff's attorney the settlement amount awarded and those funds go into the attorney's IOLTA. Atty. then pays the hospital, etc. for any bills the plaintiff owes, Atty. takes their fee from the amount awarded and then cuts a check to their client for the balance. ALL of these disbursements are to happen within a few weeks of funds deposited into the IOLTA. So DHA had it right - this is to be a very short-term parking place for the funds. WHAT JESTER DOES NOT SEEM TO KNOW - is that the attorney does NOT get to keep any Interest earned on the funds in the IOLTA. Banks have to forward the interest earned on this money, which really belongs to the Atty.'s clients, to the State Bar
[Patience] Association. The BAR then uses it for lawyer fees for the poor who cannot afford an attorney. The BAR hassles the banks all the time to make sure they are getting the highest possible interest on this money and can request documentation - so this
account CAN be reviewed the same as if you put the money in the bank in your own name. AND you do not get a dime of the interest - even if it is your own money. Do you want that?
[Patience] SORRY WOULD NOT FIT ALL AT ONCE
[Jester] I DO KNOW THE ATTORNEY DOES NOT GET TO KEEP THE INTEREST... IF THIS PEEP HAD READ THE ARTICLES I ATTACHED TO THE POST THEY WOULD KNOW THAT... I WILL ATTACH IT HEAR AGAIN FOR CLARITY.... http://www.iolta.org/
[Jester] Interest on Lawyers Trust Accounts (IOLTA) is a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
[dave_144] Jester So is this a way to exchange directly into the IOLTA, then move it to trusts without it ever really being considered income or capital gains for the client?
[Jester] A lawyer who receives funds that belong to a client must place those funds in a trust account separate from the lawyer's own money. Client funds are deposited in an IOLTA account when the funds cannot otherwise earn enough income for the client to be more than the cost of securing that income. The client - and not the IOLTA program - receives the interest if the funds are large enough or will be held for a long enough period of time to generate net interest that is sufficient to allocate directly to the client.
[Jester] Every state, along with the District of Columbia and the Virgin Islands, operates an IOLTA program. In 2009, the U.S. IOLTA programs generated more than $ 124.7 million nationwide. These funds, together with state and federal appropriations as well as private grants and donations, enable nonprofit legal aid providers to help low-income people with civil legal matters such as landlord/tenant issues, child custody disputes and advocacy for those with disabilities.
[Jester] SO.... YES I DO UNDERSTAND.... AS I PLAINLY PUT THE INFORMATION IN HERE FOR THAT REASON..
[Kuki] Jester Thank you
[Jester] I DO NOT CARE IF I DO NOT GET INTEREST... IN FACT I BELIEVE THE INTEREST THEY GET FROM THE MONEY GOES TO GOOD THINGS...
[Jester] Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
[Jester] WHO WOULD FUSS ABOUT IT BEING USED TO HELP THE POOR?
[Jester] THE FACT IS I WILL LIKE TO HAVE MY PRINCIPLE PROTECTED WHILE I GET LINED UP TO DO WHAT NEEDS TO BE DONE AND IN THE MEANTIME THE INTEREST GOES TO THE POOR....
[Jester] I SUCK I GUESS...
[Jester] NEXT....
[Patience] 3. STB 04/05/2015 2:19pm I agree with dha's post and further, in Texas any interest earned on an IOLTA account is sent to the Texas Bar Association directly from the bank. The attorney is not allowed "to make a bit" unless the funds are in an escrow account and the attorney has an agreement that allows him/her to charge a fee. It could be that Jester has missed the mark on this one....at least in Texas. Caveat Emptor!!!! ( BUYER BEWARE)
[Jester] Patience AGAIN.... I DO NOT CARE... HAHAHHAAH
[Jester] I AM NOT SURE WHAT THE POINT IS... BUT I IMAGINE THEY ARE WORRIED THE INTEREST DOES NOT COME TO THEM... GREED STEPS IN AND TAKES A HOLD OF A GOOD THING... IT IS WHAT IT IS....
[Jester] WE HAVE ALREADY ESTABLISHED IT IS USED FOR THE POOR... SO I DO NOT HAVE A PROBLEM WITH THAT...
[Jester] SUCKS TO BE ME I GUESS... SO MAGNANIMOUS AND ALL... HAHAHAHAH
[Jester] NEXT....
[Patience] 4. Bill Simmonds 04/05/2015 5:27pm Was interested in your comments on IOLITA, and after looking at the link, it appeared to be used for low income, short time situations. Be nice if we can use it; will ask my tax/trust attny when I get one
[Patience] LAST
[Jester] Patience AND THAT FOLKS.... IS A GOOD WAY TO LOOK AT IT...
[alfonse] Seems it sucks to be them ....
[Jester] CHECK WITH YOUR OWN LAWYER AND MAKE YOUR OWN DECISION... THAT IS WHAT THIS POST WAS ALL ABOUT... AND THIS PEEP GOT THAT...
[dave_144] Jester So is this a way to exchange directly into the IOLTA, then move it to trusts without it ever really being considered income or capital gains for the client?
[Jester] I AM GLAD THAT I GOT THROUGH TO THAT ONE PEEP AND HE IS GOING TO FIND WHAT I DID... THAT THE LAWYER CAN HELP HIM GET THE MONEY WHERE IT GOES WITHOUT GOING THROUGH A PERSONAL ACCOUNT AND GETTING THINGS MESSED UP....
[Hoosier Girl] Jester My Lawyer told me just what you said....
[LdyFaith] Jester,,, that info is helping alot of us,,,
[Jester] THIS IS PART OF THE "FIND A PROFESSIONAL AND GET SOME GOOD ADVICE INSTEAD OF LAYING AROUND THE CHAT ROOM TRYING TO GET IT THERE" SERIES... LOL
[Hannah] Jester Thank you for the further explanations. As we have been advised for a very long time ... seek the assistance of a professional. It's what they do every day
[Kuki] Jester Thank you!
[Jester] Patience THANK YOU FOR HELPING...
[Patience] Jester YW
[jojill] Jester you smoked them out haha
[Jester] HOPE THAT MAKES SENSE YOU GUYS.... YOU ARE ALWAYS ASKING ME WHAT I AM DOING.... WELL THAT IS WHAT I AM DOING.. YOU DO NOT HAVE TO... I AM NOT ADVISING ANYTHING...
[diditrvyeet] Jester that info was as important as anything out there
[LuCKyB] Jester maybe your re explanation will be added back into recaps and more than one will get a light bulb moment
[LonesomeDove] Jester Thank you so much for talking about this. It has answered a few questions I was going to ask you. No need now. You are appreciated.
[Kuki] diditrvyeet Agree
[tessamae] Jester Sounds like the perfect holding pattern until you get things in order.....always knew it would take some time to get the trust together.
[Jester] YOU CAN ALL THANK Patience FOR BRINGING THAT TO MY ATTENTION EARLIER AS I DO NOT GO TO RECAPS AND WOULD NEVER HAVE PICKED UP ON THAT....
[Jester] YAY Patience!
[happyjack] Patience Thank you again....
[LH] Patience Thank you
[dave_144] Patience thanks
[diditrvyeet] Jester ok at the risk of looking ignorant in front of everyone; if i perhaps was in a group and had my paperwork set to go to my bank account, seems sucks to be me. I guess you tried telling me in past chats.
[mentoredlife] diditrvyeet thanks for asking that question.
[Jester] diditrvyeet CHANGE THE PAPERWORK.... SHOULD BE DOABLE...
[diditrvyeet] Jester ok I like it
[Jester] FIND YOURSELF A GOOD LAWYER AND HAVE A MEETING... GET HIS COORDINATES AND MAKE IT SO....
[oucrazy] Jester. . . thanks for the clarification. . . very useful.
[Hannah] Jester diditrvyeet That's good to know
[RPharmer] Jester This is probably dumb question, but what kind of good Lawyer? A Trust Attorney?
[Jester] AND I AM SPIT BALLING HERE... BUT IF YOU DO NOT HAVE THE BUCKS... GET A STIPEND TRANSFERRED TO YOUR ACCOUNT TO COVER IT... HAVE THE REST HELD BY THE PAYMASTER... GET IT WORKED OUT... LET THE PAYMASTER KNOW YOU ARE READY....
BOOM... GOES TO YOUR LAWYER...
[Hannah] Jester Awesome
[Jester] THEN WORK OUT ALL THE DETAILS AND GET IT DONE....
[LdyFaith] Jester,,, wow,,, thank you
[Jester] RPharmer I HAVE A LAWYER THAT IS VERSED IN TRUSTS, CORPORATIONS, ACCOUNTING, AND OFFSHORE ENTITIES... JUST SAYING...
[RPharmer] Jester Thank
[RPharmer] Jester Sorry, THANKS
[MarySunshine] Jester Thank you for this info! I just got my paperwork changed last week....
[diditrvyeet] Jester now i feel like i am able to do as you say, be part of the 20%,
[diditrvyeet] Jester thanks for all these little pieces that make all the difference
[hoot2602] Jester Before the evening ends, just wanted to say thanks for bringing the excitement to the room this weekend. Its nice to see you psyched up, too!
[Jester] diditrvyeet YOU ARE WELCOME.... I AM TRYING TO HELP YOU ALL... I CAN ONLY TELL YOU WHAT I HAVE DONE WITH MY EXPERIENCE... BUT I HOPE THAT HELPS...
[Jester] hoot2602 WEEKEND IS NOT QUITE OVER... AND WE DID NOT RECEIVE ANY NEWS TODAY FROM THE SANDBOX... BUT YESTERDAY THEY WERE CERTAINLY THINKING THINGS WERE GOING THE RIGHT DIRECTION... WE WILL SEE I SUPPOSE...
[Jester] JUST ABOUT WAKING UP TIME OVER THERE... LET'S HOPE IT IS A BRIGHT NEW DAY WHEN THEY SEE IT...
[hoot2602] Jester Amen!
[LdyFaith] Jester Amen
[Sandhaul] Jester any problems using out of state lawyers for trusts and stuff?
[Hoosier Girl] They sure deserve it
[Jester] Sandhaul DO NOT KNOW WHY THAT WOULD MAKE ANY DIFFERENCE IF IT IS A LAWYER YOU KNOW AND TRUST...
[Sandhaul] Jester thanks
[Jester] PERSONALLY I WOULD TRY TO FIND SOMEONE LOCAL THAT I COULD BE-BOP INTO THE OFFICE AND GET TREATED GREAT.... HAHAHAHHA
[LuCKyB] and their currency is at least 7.50 to the USD when they awake oh happy day for them it would be indeed
[diditrvyeet] Jester I remember karat bars is a source for gold in the card format-is that a source for coins as well
[Jester] diditrvyeet NOT TO THE BEST OF MY KNOWLEDGE...
[Jester] YOU LIKE TO DO THAT SORT OF THING THEN CHECK SILVER DOCTORS AND GO FROM THERE...
[diditrvyeet] Jester ok---always saying thanks lol
[Jester] MAKE SOME CONTACTS WITH PEEPS YOU KNOW... I AM TOYING WITH THAT OPTION RIGHT NOW... LET ME SEE IF I CAN WORK SOMETHING UP....
[Hannah] Jester I wanted to let you know that I had some correspondence from Robert Professor this morning. He said: "And Hannah, let Jester know hello and that yes, I'm doing very well. He called last evening, but we are having a very special weekend. I didn't see his call until later. At first, I wondered if I was in some kind of trouble, lol. I typed a message to Recaps letting peeps know I'm fine, actually very fine, I'm still in this crazy thing, and a few broad observations."
[Jester] Hannah ACTUALLY HE TEXTED ME.... SAID HE WAS SORRY HE MISSED THE CALL THAT HE WAS INDISPOSED.. I AM NOT SUPPOSED TO TELL YOU WHY (KISS KISS - ROLLING EYES)... BUT HE DID SAY TO TELL EVERYONE HI.... HAHAHAHAHAH
[Betsy Ross] lol
[diditrvyeet] lol
[dave_144] Jester Thank you for all you do for us "Peeps" I hope we all make you proud and not fall into the 80%.
[Hannah] Jester lol I know! I confess that I edited his msg to protect the innocent (or not, lol)
[Jester] dave_144 I AM COUNTING ON IT.... WE HAVE A LOT TO DO... I WILL NOT DISAPPEAR IF YOU CARE TO LOOK... ALL YOU HAVE TO DO IS HAVE THE WILL TO FIGURE IT OUT...
[Jester] Hannah I COULD NOT RESIST... HE IS A GOOD GUY AND WE SURE MISS HIM AROUND HERE...
[Jester] OKAY.... TIME TO GO.... YOU GUYS TAKE IT EASY... SEE YOU TOMORROW...
[Hannah] Jester I know .... but he is really, really happy .. so I am happy for him. Glad he sent the text.
[Jester] Hannah AND THAT IS A GOOD THING....
[Jester] NIGHT NIGHT...
[Jester] Hannah ACTUALLY HE TEXTED ME.... SAID HE WAS SORRY HE MISSED THE CALL THAT HE WAS INDISPOSED.. I AM NOT SUPPOSED TO TELL YOU WHY (KISS KISS - ROLLING EYES)... BUT HE DID SAY TO TELL EVERYONE HI.... HAHAHAHAHAH
[Betsy Ross] lol
[diditrvyeet] lol
[dave_144] Jester Thank you for all you do for us "Peeps" I hope we all make you proud and not fall into the 80%.
[Hannah] Jester lol I know! I confess that I edited his msg to protect the innocent (or not, lol)
[Jester] dave_144 I AM COUNTING ON IT.... WE HAVE A LOT TO DO... I WILL NOT DISAPPEAR IF YOU CARE TO LOOK... ALL YOU HAVE TO DO IS HAVE THE WILL TO FIGURE IT OUT...
[Jester] Hannah I COULD NOT RESIST... HE IS A GOOD GUY AND WE SURE MISS HIM AROUND HERE...
[Jester] OKAY.... TIME TO GO.... YOU GUYS TAKE IT EASY... SEE YOU TOMORROW...
[Hannah] Jester I know .... but he is really, really happy .. so I am happy for him. Glad he sent the text.
[Jester] Hannah AND THAT IS A GOOD THING....
[Jester] NIGHT NIGHT...
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